Senior Cooperative Housing:
• What is a Senior Housing Cooperative?
Cooperative housing means joint ownership and operation of a housing development by those who live in it. Cooperative members are, in effect, their own landlords, enabling the cooperative community to be built and operated at a very affordable cost. Each member purchases a share in the limited equity corporation. These shares provide the equity to secure a mortgage. These individual shareholding members have equal voting status in electing the cooperative board of directors from their membership.
Cooperative housing combines the advantages and pride of home ownership with convenience of community living. Maintenance-free, secure, with a voice in community affairs, cooperative living represents a new choice for independent, active adults 55 and better.
The Ravalli County Council on Aging has begun preliminary studies on developing a Senior Housing Co-Op project at the Council on Aging Campus. Initial concept stages of the Co-Op envision a 40- to 50- unit structure on three acres of land.
Contact the Council on Aging at 363-5690 or log onto the web at www.seniorcoops.org for more information about Senior Co-ops.
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